Chapter 1 Checking Accounts

Any money added to a checking account is called a

• withdrawal

• credit

• endorsement

• payee

Any money that comes OUT of your account, is called:

• Debit

• Deposit

• Credit

• Loan

When writing a check, you must write the dollar amount in both numbers and words.

• True

• False

Katie goes to the bank. She takes money out of her account. Katie has made a

• Deposit

• Withdrawal

Christina goes to the bank. She puts her babysitting money in her account. Sally has made a

• Deposit

• Withdrawal

What is wrong with this check?

• Name is incomplete

• Check amount is not written out in words

• Signature missing

• No date

The bank issued card that is used and the money is directly taken from your checking account is

• debit card
• credit card
• savings account
• money market

What should be written on line 6?

• the date
• the amount of the check
• who the check is going to
• your signature

What is an overdraft fee?

• A fee charged when you write a check

• A fee charged when your account balance falls below $0

• A fee charged when you use your ATM card

• A monthly fee charged for using a checking account

Which is not a feature of a checking account?

• debit card

• bill pay

• direct deposit

• lottery ticket